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February BioExel Medtech Accelerator Programme at NUI Galway Announce First Round of Winners

The first round of winners from the six companies awarded the BioExel Medtech Accelerator programme at NUI Galway.

Feb082018Posted: 13:57 GMT

Six companies will gain €95,000 in seed funding along with intensive training for the next six months on this mentor centric, expert lead, practical, Medtech Accelerator, the first of its kind in Ireland.

Innovative new solutions to medical challenges will be developed by six new companies announced today (8 February 2018) as participants in the BioExel Accelerator Medtech programme. The NUI Galway initiative, supported by Enterprise Ireland, will support the companies who were shortlisted from over 50 applicants.

BioExel Medtech Accelerator is the first of its kind in Ireland to focus solely on the medical technology sector. The six companies, which are all in the scale-up phase, will be based at NUI Galway for a period of six months, to build and commercially validate their technologies by working with existing entrepreneurial networks, mentors and management team.

BioExel is delighted to announce the first cohort of companies:

Bioprobe Diagnostics Ltd – Ciaran Geoghegan

Bluedrop Medical Ltd – Chris Murphy

GiantLeap Biotechnology Ltd – Martin Codyre

Hidramed Solutions Ltd – Suzanne Moloney

Grey Matter Technologies Ltd – Rory Dunne

Q-Pathway Ltd – Niamh Frehill

The successful participants met their first challenge of many, in a three-day clinic on campus with global experts, mentors, and entrepreneur in residence as their market strategy is validated and substantiated.

The first month’s clinic has seen many experts on site including: BioVisability, Kate Gunning; HMC Marketing Consultancy, Helen McCormack; Bob Rosenberg, Entrepreneur in Residence; Viadymanics; Ormond Coaching; BioTechspert; Cresco Innovation and many more to work with the BioExel companies and share true market knowledge and experience.

BioExel is managed by Dr Sandra Ganly the accelerator Director, also co-founder of BioInnovate and Senior Research Fellow with vast experience in the Medtech environment. Another member of the management team is Fiona Neary, Commercial Director and co-founder of BioExel, as well as Manager of the Business Innovation Centre at NUI Galway, with many years’ experience working with the start-up community.

Fiona Neary, Commercial Director and co-founder of BioExel at NUI Galway, said: “For these companies being immersed in a Medtech hub, the environment that BioExel is aligned to is critical, as the innovation and transformation in this ecosystem is recognised globally. From over 50 applications the vast array of discovery and technology in the medtech sector is growing at a rapid rate with some amazing opportunities. BioExel is key to this transformation as we deliver the next generation of investor ready, first class medical technologies to the marketplace.”

The Western region already has a strong Medtech ecosystem and this is actively supported by the expertise and infrastructure at NUI Galway. The University is home to Ireland’s only centre for stem cell manufacturing, extensive translational and clinical facilities, biomedical sciences research laboratories, and the CÚRAM Centre for Research in Medical Devices. This is further strengthened by NUI Galway’s expertise in funding grants, knowledge transfer, and programmes such as BioInnovate and BioExel.

BioExel is a partnership programme funded by Enterprise Ireland, Galway Foundation Office, Bank of Ireland seed and early stage equity fund, Western Development Commission and hosted by NUI Galway.

The Medtech Accelerator programme is part of Enterprise Ireland’s overall strategy to increase the number and quality of start-ups that have the potential to employ more than ten people and achieve €1 million in export sales within three years. BioExel has the potential to support up to 14 Small to Medium Enterprises (SME’s) based in the western region from 2017 to 2019. Bank of Ireland Seed and early stage equity fund have committed €300,000 to this programme.